Sarasota’s Dance Studios Ltd. is a public company, and accordingly uses IFRS for financial reporting. The corporate charter authorizes the issuance of an unlimited number of common shares and 30,000 preferred shares with a $2 dividend. At the beginning of the December 31, 2020 year, the opening account balances indicated that 20,000 common shares had been issued for $6 per share, and no preferred shares had been issued. Opening retained earnings were $389,000. The transactions during the year were as follows:
Jan. 15 Issued 9,000 common shares at $7 per share.
Feb. 12 Issued 2,200 preferred shares at $64 per share.
Sept. 2 Issued 4,000 common shares in exchange for land valued at $28,000.
Oct. 31 Declared and paid a dividend on preferred shares of $2 per share.
Nov. 1 Declared and paid a dividend on common shares of $1.50 per share.
Nov. 15 Purchased and retired 300 preferred shares at $66 per share.
Dec. 31 After preliminary closing entries, the Income Summary account had a credit balance of $224,000.
(a)
Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Answers
(a) The journal entries to record the transactions are as follows:
Jan. 15:
Debit: Cash (9,000 shares * $7) - $63,000
Credit: Common Shares - $63,000
Feb. 12:
Debit: Cash (2,200 shares * $64) - $140,800
Credit: Preferred Shares - $140,800
Sept. 2:
Debit: Land - $28,000
Credit: Common Shares (4,000 shares * $6) - $24,000
Credit: Additional Paid-in Capital - $4,000
Oct. 31:
Debit: Preferred Dividends - $2 per share * 2,200 shares - $4,400
Credit: Dividends Payable - $4,400
Nov. 1:
Debit: Retained Earnings - Common Dividends - $1.50 per share * (20,000 + 9,000 + 4,000) shares - $57,000
Credit: Dividends Payable - $57,000
Nov. 15:
Debit: Preferred Shares - (300 shares * $66) - $19,800
Credit: Retained Earnings - $19,800
Dec. 31:
Debit: Income Summary - $224,000
Credit: Retained Earnings - $224,000
1. On Jan. 15, the company issued 9,000 common shares, receiving cash. The entry increases cash and common shares.
2. On Feb. 12, the company issued 2,200 preferred shares, receiving cash. The entry increases cash and preferred shares.
3. On Sept. 2, the company issued 4,000 common shares in exchange for land. The entry increases land and common shares.
4. On Oct. 31, the company declared and paid a dividend on preferred shares. The entry decreases retained earnings and increases dividends payable.
5. On Nov. 1, the company declared and paid a dividend on common shares. The entry decreases retained earnings and increases dividends payable.
6. On Nov. 15, the company purchased and retired 300 preferred shares. The entry decreases preferred shares and decreases retained earnings.
7. On Dec. 31, after preliminary closing entries, the credit balance in the Income Summary account is closed to retained earnings. The entry decreases income summary and increases retained earnings.
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Related Questions
Four year universities are the only type of school worth attending. True False
Answers
Answer:
false
Explanation:
Answer:
false
Explanation:
there are a number of other reliable schooling options
How should a common data source like monthly sales totals be categorized?
Answers
How should a common data source like monthly sales totals be categorized: Structured data:
Data that squeezes into predefined fields is called structured data. It's frequently coordinated by lines and sections, as you will track down in a calculation sheet. Bigger frameworks utilize social databases to arrange structured data that has different aspects. Structured data is helpful to store, dissect and report.
For instance, consider the marketing chart of a business, that shows deals income by district, side-effect, by month, etc. Client databases, monetary reports, financial data, wellbeing records, and, surprisingly, instructive records - all are instances of structured data. Up to this point, the greater part of the data we use has forever been Structured data.
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The complete question is:
How should a common data source like monthly sales totals be categorized?
a. structured data
b. dirty data
c. multimedia data
d. unstructured data
1.1.2 Quiz: Business Goals and Standards
Question 1 of 10
Define the word profit in business.
OA. Money left after costs are paid
B. Commercial activity
OC. Quality care
OD. Structure for wealth
SUBMIT
Answers
The word profit in business means the money left after costs are paid (option A).
What are the costs or business expenses?Costs or expenses in business include the costs that are considered necessary and ordinary as well. Business expenses include travel charges, bank fees, bank interests, payroll of the employees, fees, commissions, and office equipment.
The money that is left after paying the business expenses or the costs includes the profit. It is important to mention that businesses have to pay their business expenses and after deducting that money, the amount that is left with a business organization is the profit.
It can be concluded that the word profit in business means the money left after costs are paid (option A).
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magma math: given a spherical magma body with a radius of 5.8 meters and a cubical magma body with sides of length 9.35 meters, in which body of magma is the magma likely to cool more quickly
Choose one:
A. The magma will cool at the same rate for both magma bodies.
B. There is not enough information provided to answer the question.
C. The magma will cool more quickly in the cubical magma body.
D. The magma will cool more quickly in the spherical magma body.
Answers
A spherical magma body with a radius of 5.8 meters and a cubical magma body with sides of length 9.35 meters, in which body of magma is the magma likely to cool more quickly .The magma will cool more quickly in the cubical magma body.
This is because the surface area-to-volume ratio of the cubical magma body is larger than that of the spherical magma body. The rate of cooling depends on the surface area available for heat loss, and since the surface area of the cubical magma body is greater than that of the spherical magma body, the cubical magma body will cool more quickly.
Additionally, the corners of the cubical magma body provide even more surface area for heat loss compared to the smooth surface of the spherical magma body.
The rate of cooling of a body of magma (or any object, for that matter) depends on several factors, including its surface area, its volume, and its thermal conductivity. The greater the surface area, the more heat can be lost to the surrounding environment, and the faster the body will cool. Similarly, the greater the volume, the more heat the body contains, and the longer it will take to cool. Finally, the thermal conductivity of the material also plays a role, as some materials are better at conducting heat than others.
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What competitive advantage does Apple use?
Answers
One of Apple's competitive advantages is its strong brand reputation and customer loyalty. Apple has successfully cultivated a brand image that is associated with high-quality, innovative, and user-friendly products.
This has helped the company to create a loyal customer base that is willing to pay a premium price for Apple products. Another advantage is Apple's focus on design and aesthetics. Apple products are known for their sleek and stylish designs, which have become important to the company's brand identity. This design focus has helped Apple differentiate its products from competitors and attract customers who value aesthetics and design.
Apple's ecosystem is also a competitive advantage. Apple has developed an ecosystem of hardware, software, and services that work seamlessly together, creating a cohesive user experience. This ecosystem helps to keep customers within the Apple ecosystem and makes it difficult for them to switch to competing products.
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List three things that you can do to ensure that you have set healthy boundaries between yourself and others at work.
Answers
Answer:
Limited negativity, Laughs, and non-heated arguments
Explanation: you need some negativity it gets boring when someone just constantly agrees with you, and you need arguments to see the other person field of view however they should be calm and well-thought out and not aggressive.
what are some common tasks performed by Psychiatrists? (Select four options)
A administering first aid and life support care
B collaborating with other medical professionals
C maintaining patient information and records
D developing diagnostic imaging techniques
E prescribing, directing, or administering psychotherapeutic treatments or medications
F analyzing and evaluating patient data or test findings
Answers
Answer:
B, E and F and explanation I share you other thought about it
Explanation:
Psychiatrists are medical doctors who specialize in the treatment of mental health conditions. Some common tasks performed by psychiatrists include:
Conducting initial evaluations and assessments to diagnose mental health conditionsPrescribing and managing medications to treat mental health conditionsProviding individual, family, or group therapy to help patients manage their mental healthDeveloping and implementing treatment plans for patientsCollaborating with other healthcare providers to coordinate care for patientsProviding crisis intervention and support to patients experiencing mental health emergenciesConducting research to advance the field of psychiatry and improve treatment options for patients.Dawn walks into a customer's office with her sales presentation planned and immediately recognizes that the customer is upset about something. In this situation, Dawn should Dawn walks into a customer's office with her sales presentation planned and immediately recognizes that the customer is upset about something. In this situation, Dawn should:
a. maintain a happy and cheerful demeanor.
b. sit down immediately and begin the presentation.
c. All of the answers are correct.
d. say something funny in an attempt to lighten the customer's mood.
e. ask if she should come back some other time for the meeting.
Answers
If possible it is important to thank everyone you met at the company as you leave.
True
False
Answers
Answer:
true, always stay positive thank you you deserve more this for 50 points? that's amazing keep it up!
Explanation:
Answer:
False
Explanation: that would be exhausting. But for interviews it would be wise to thank them
argo is analyzing a capital project for manufacturing golden fleece. the looms to manufacture cost $100,000 and will be depreciated over five years to a zero value. argo expects to sell the looms after the third year (2 years of depreciation remaining) for $10,000 due to expected advances in loom technology. if argo pays a 40% tax rate, what is the after-tax cash of the loom sale?
Answers
The after-tax cash of the loom sale is 20000.
What is the after-tax cash of the loom sale?Manufacture cost $100,000 and will be depreciated over five years to a zero value.
The Before-Tax Cash Flow is calculated by deducting Operating and Capital Costs from Revenue. Additionally, Before-Tax Cash Flow is equivalent to Cash Flow after Tax less Income Tax.
A measure of cash flow that considers the effect of taxes on earnings is called CFAT after taxes. This metric is employed to assess the cash flow of a corporate project or investment.
Depreciation per year = Cost/years of depreciation =
$100,000/5 = 20,000.
if argo pays a 40% tax rate,
The after-tax cash of the loom sale is
20000 * 40% =80000.
The after-tax cash of the loom sale is 20000.
100000 - 80000 = 20000
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A decrease in the nominal wage rate would lead to ___ in short-run aggregate supply and ____ in long-run aggregate supply.
Answers
A decrease in the nominal wage rate would lead to an increase in short-run aggregate supply and no change in long-run aggregate supply.
How does the nominal wage rate affect supply?The nominal wage rate affects the short - run aggregate supply by either increasing it or decreasing it. For instance, if the nominal wage rate decreases, the short run aggregate supply would increase because companies would be able to hire more people at the lower rates.
However, there will be no change in the long - run aggregate supply because in the long run, the nominal wages would have adjusted to price.
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There are no viruses that specifically target mobile phones or tablets?
Answers
Answer:
no not really in my opinion
Answer:
Yes, there ARE viruses that target mobile and tablet devices.
Explanation:
There's a virus that spams apps on your phone, crashing it.
This is basically a virus, since it harms the device.
According to public choice economists, the federal government has expanded because
A. the federal government is efficient in its spending.
B. deficit spending has reduced the perceived cost of current government operations.
C. taxpayers pay the full cost of current government operations.
D. the public likes to pay higher taxes to finance more programs.
Answers
Economists believe that the federal government has expanded because B. deficit spending has reduced the perceived cost of current government operations.
What do economists think of the federal expenditure?They believe that because the government can finance more expenditure with debt, they have engaged in more expenses than they can actually afford.
This means that the government no longer views the cost of government operations as high because they can engage in deficit spending.
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not all service providers advertise, but all need integration across departments to be able to deliver quality services.
Answers
Integration allows different departments to work together efficiently, ensuring a smooth and consistent service delivery process.
Not all service providers advertise, but all need integration across departments to deliver quality services. Advertising is not a requirement for service providers to be able to deliver quality services. Some service providers may choose not to advertise due to various reasons, such as relying on word-of-mouth referrals or having a niche target market. However, regardless of whether they advertise or not, integration across departments is crucial for service providers to deliver quality services.
Integration across departments ensures that all areas of the service provider's operations work together smoothly. This means that different departments, such as sales, customer service, and operations, need to collaborate and share information effectively. For example, if a customer makes a purchase, the sales department needs to communicate the order details to the operations department so they can fulfill it accurately and in a timely manner. Similarly, the customer service department needs access to relevant information from other departments to provide prompt and efficient support to customers.
Without integration across departments, there may be miscommunication, delays, and inconsistencies in delivering services, which can negatively impact the quality of service provided. Therefore, it is essential for service providers to have strong integration across departments to ensure the seamless delivery of quality services to their customers.
In summary, while not all service providers advertise, all of them need integration across departments to be able to deliver quality services.
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she ripped my (finish the sentance)
Answers
Answer:
band-aid off my knee?
Explanation:
Answer:
duct-tape off of my mouth
Explanation:
How is authority and control distributed in each type of team?
Answers
The distribution of authority and control in a team can vary depending on the type of team. In hierarchical teams, authority and control are centralized, with leaders or managers making decisions and exercising control over team members.
In self-managed teams, authority and control are decentralized, allowing team members to have a say in decision-making and take responsibility for their own work.In hierarchical teams, authority and control are typically concentrated at the top, with leaders or managers having the final say in decision-making. They have the power to delegate tasks, set goals, and monitor team members' performance. This centralized structure ensures a clear chain of command but can limit individual autonomy and creativity.
On the other hand, in self-managed teams, authority and control are distributed among team members. Decision-making is more collaborative, with team members actively participating in setting goals, planning, and problem-solving. Each member has a certain level of autonomy and is responsible for their own work, which can enhance motivation and innovation within the team.
It's important to note that the distribution of authority and control may vary across different types of teams and organizations, and hybrid models combining elements of hierarchy and self-management are also possible.
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Consider the four different types of teams. How is authority and control distributed in each type of team? What are the key advantages and disadvantages of each team model? What skills do you consider most important when it comes to teams and teamwork? Which of these skills do you feel you possess and which ones do you need to develop further? Why are larger groups less effective than smaller ones? Why do you think managers tend to overstaff groups and teams?
Insurance can help with ???
Answers
Answer:
B. In an emergency
Explanation:
Insurance is purchased to protect things that you own
A young man is badly injurged when his cell phone battery catches fire. Whattype of insurance should the manufacturer of the cell phone have to cover such an event?
Answers
Answer:
product liability insurance
Explanation:
In this specific situation, the type of insurance that the manufacturer needs to have had is called product liability insurance. This insurance would cover any and all expenses of injuries caused by a specific product that the victim has purchased from you. Which in this case would cover the fire injuries caused by the cell phone that you the manufacturer sold the young man that was injured.
Answer: Product liability insurance
Explanation:
2.5 points Save Which term describes a company being so open to other companies working with it that electronic information is shared as if the companies were one? O web-based corporations transparency O e-connected O webworking
Answers
The concept of "webworking" refers to a company's high level of openness towards collaborating with other businesses, thereby facilitating the sharing of electronic information in a seamless manner as if the companies were operating as one.
What is Webworking and what does it mean?Webworking refers to a collaborative approach in which multiple companies or organizations seamlessly share information and resources through web-based platforms and technologies.
It emphasizes a high level of interconnectedness and transparency among participating entities, enabling them to work together effectively as a unified entity despite their separate organizational structures.
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When establishing an ad campaign in a foreign country, what does the difference in currency exchange rate affect the most?
A)the cost structure of the ad campaign
B)the creative strategy of the ad
C)media used for the advertisement
D)the company’s brand name
Answers
Answer:
Option A. The cost structure of the ad campaign
Explanation:
The reason is that the currency exchange rate effects the transactions of money from home to foreign or foreign country to home country. So the option with money transaction is option A.
The rest of the options are planning and are things that are not associated with the foreign transactions. So the remainder options are not the one which will be effected by the currency exchange rate.
Answer: A. The cost structure of the ad campaign
Explanation:
factors to consider when preparing a slide
Answers
Answer:
the aim of the presentation, the subject matter, the audience, the venue or place, the time of day, and the length of the talk
Answer:
Location and accessibility
knowing your competitors
study the building
Landscape,sizes,shape
Which kind of sampling method we will generally use when we are intended to conduct a qualitative study?
Answers
Purposeful sampling is the kind of sampling method we will generally use when we are intended to conduct a qualitative study
Sampling method:
The term sampling method refers the selection of a subset of the population of interest in a research study.
Given,
Here we need to find the type of sampling method we will generally use when we are intended to conduct a qualitative study
As in the given situation, Purposeful sampling is widely used in qualitative research for the identification and selection of information-rich cases related to the phenomenon of interest.
And there are several different purposeful sampling strategies, criterion sampling appears to be used most commonly in implementation research.
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definition of trade-offs?
Answers
Answer:
Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. We experience tradeoffs in zero-sum situations, when a plus in one area must be a negative in anothe
Explanation:
hope its helpful for if yes mark me as brilliant
A bank manager argues that everyone has equal access to home loans, and if they cannot get one it is based on lack of effort, not race. Which colorblind ideology does this exemplify
Answers
Answer:
A. abstract liberalism
Explanation:
Since in the question it is mentioned that the bank manger said that the everyone should access to home loans but if it is not done than the reason would be the lacking of effort not race so this represent the abstract liberalism as everyone provides the equal opportunity irrespective of the race, religion, culture they belongs
Hence, the correct option is A.
Why is it necessary for agricultural practices to continue changing?.
Answers
It is important for agricultural practices to continue changing so as to;
Increase agricultural produce.What is agricultural practices?agricultural practices are techniques that are used in cultivation of crops and rearing of animals.
With the evolvement of different techniques in agriculture, such as usage of machinery and cross breeding there has been increase in production of goods and animals.
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What Is a Savings Account?
Answers
Savings Accounts is an interest-generating account held in a bank or any other financial institution.
Savings Accounts are the best way to keep your funds easily available, but also getting a moderate interest while keeping your funds. So it can be used for saving money for emergency, short term cash. Also the perk is there is no limit to the amount we withdraw from the account. Some Savings accounts require you to keep the minimum balance in the account to avoid fees or to get a maximum interest rate.
The main advantage of a Savings Account is that you could keep them as the same as your checking account, but get an interest by doing so. It can be withdrawn at any time, unlike Fixed Accounts which impose a penalty if you withdraw sooner.
The liquidity of the money can be a disadvantage too. Because you may get tempted to use the money which you have been saving, since it's readily available.
So, Savings Account is an interest bearing account held at a bank or any other financial institutions.
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Gaby is motivated to work hard in a capitalistic society, because: ________
Answers
Gaby is motivated to work hard in a capitalistic society, because she wants to do well for herself.
What is the name of a capitalist society?Since the end of feudalism, capitalism, also known as the market economy or the free enterprise economy, has dominated in the Western countries. Under capitalism, the majority of the mode of production are privately owned, and production is controlled and income is distributed primarily through the the functioning of markets.
The benefits of capitalismContrary to socialism, marxism, or authoritarianism, capitalism encourages individual initiative and a solid work ethic. By working hard or come up with an original concept, everyone can elevate their position in life. In many nations around the world today, that is still not the case and has hardly shown to be the case through human history.
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What’s the answer???
Answers
Answer:
I am not sure but I think it would be B right?
Explanation:
Because she already has $10 to go to the movie right, so she would use that 10 dollars to go to the movie with her friend?
What type of spending is happening when the military buys news tanks and airplanes?
a. Consumer
b. Investment
c. Government
Answers
Answer:
Consumer (mostly)
Explanation:
After buying weapons from defense contractors, the money could be used in many ways. Most of it is used to produce more weaponry for future purchases. Some might be put towards researching new technology that could make the vehicles much more advanced. Some is probably saved, to help pay employees.
who is johnny sins?
A - a doctor
B -dentist
C -firefighter
Answers
Answer:
A-doctor
Explanation: